Dalal street winners Banknifty weekly forecast For 27 June to 1 July 2016
Banknifty future this week closed with loss at 17369. On news of brexit, we saw gap down opening and almost 1000 points drop in banknifty in single session.
Banknifty future weekly chart, price trend is bullish but momentum is bearish on correction phase. For next week, banknifty future outlook remain bearish.
For next week, banknifty future support zones are 17200 and 16750. These are target zones on downsize while on upside 17800 and 18050 are resistances as well as stop loss levels for short sellers.
Traders keep sell on rise strategy in banknifty future below 17200 for deep downside targets in next week. Above 17200, technical bounce back or recovery can be expected.
Option traders, below 17200 can use banknifty 17000 put options as buy and accumulate for expiry. While above it watch out banknifty 17200 call options for big short covering rally.